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41
The missing loan documents are a surprise to IRM.  SURPRISE!  Makes you wonder why they didn't gather up the physical loan documents when they bought out RS.  So much for them doing due diligence on the RS portfolio and sounds like the are as incompetent as RS employees.  I'm surprised they haven't tried to pass the storage fees onto us too.  Maybe Barry Weiss from StorageWars is holding the wet-ink paper.

In better news, another of my RS holdings paid out +100% last week so I did the only logical thing possible - invest in $GME!   ::)
42
Has anyone received or seen any updates in re: to the FG properties?

Feels like it's been a few months of radio silence.

Ironic because we just got one today saying they are working with a company who may buy into some, but not all, of the FQ investments.  I wonder if we ask for an update on this board, if we are more likely to get one, as it seems that's the only time I see it?

Yeah, I received the updates shortly after posting that comment. Either great timing, or someone is monitoring for the forum - which would also be great (and hello and appreciate the updates if you are).

After all the ..."interesting developments"... the wrinkle about the missing loan docs or unpaid storage fees doesn't really surprise me at this point. Fortunately it at least sounds like the documents "should" exist. I'd rather hear they have to pay (what should be small) storage fee backpayments vs. something like the RealtyShares office dog ate all the paperwork on the way out the door.

Here's the update I received for the FG properties for those who didn't get one:

"
IRM currently classifies this investment as a Tier 3 asset. Interest payments from
this investment have not been distributed in accordance with the original
business plan.

Since the last update, IRM has been privately negotiating with a large, national,
franchise-focused real estate investment group based in Texas, about possibly
acquiring the notes directly from investors. This 3rd party group is aware of the
Franchise Growth portfolio and is conducting its own due diligence on each
asset. If a deal was to materialize, it would be on an asset-by-asset basis, not as
a portfolio. This means that different investors will likely see different levels of
returns/losses depending on the status of the individual asset they are invested
in.

IRM will consider offers for each asset that we believe best serve investors’
interests. The payment amount would have to reflect a positive net to investors
compared to the alternative time and cost of foreclosing, and then selling each
asset in the open market. IRM will evaluate each offer based on the most recent
broker opinion of value for each asset, versus the time and legal expenses of
foreclosing and accounting for possible back-taxes, fines, and mechanic’s liens
on certain assets.

The negotiations have now advanced materially, and the parties are currently in
the final stages of drafting up a purchase and sale agreement. However, a
difficulty has surfaced in obtaining the original, wet-ink, loan notes drafted
originally by RealtyShares. Since RealtyShares ceased operations, the original
loan documents have been moved to storage, and in some cases, it appears that
the storage fees have not been paid. IRM has staff in different locations around
the country currently looking into storage facilities in an effort to locate the
required files, and IRM may have to pay outstanding RealtyShares bills in order
to obtain those documents.

We continue to work in an effort to obtain the original loan documents and
execute the best possible transaction on behalf of investors. We feel confident
that this deal can be executed in the coming months, but IRM can’t guarantee
that outcome just yet. We will continue to update all investors in this portfolio as
additional information becomes available.

**Disclaimer: All information and financial statements above are presented on an as-is basis, as provided
to our team members, and have not been independently verified by IRM. IIRR Management Services,
LLC (IRM) has taken over the Asset Management and Fund Admin functions of this investment from
RealtyShares in June 2019.
"
43
I hope you guys have some luck, regarding the American Family Care deal in Florida my update said it's a tier 3 asset and they seem to have lost the original loan documents.  They are trying to find them in storage, but the fees haven't been paid.  So they may have lost the original loan documents required to do the deal with the other company?  Awesome.

It's also awesome that my Karma is down to -27, that's a lot of bad karma!!

I'm in the Church's Chicken in Orlando, FL and received the same wording.  I guess I am naïve as to assume documents like that are not that easy for everyone to lose.
44
I hope you guys have some luck, regarding the American Family Care deal in Florida my update said it's a tier 3 asset and they seem to have lost the original loan documents.  They are trying to find them in storage, but the fees haven't been paid.  So they may have lost the original loan documents required to do the deal with the other company?  Awesome.

It's also awesome that my Karma is down to -27, that's a lot of bad karma!!
45
Has anyone received or seen any updates in re: to the FG properties?

Feels like it's been a few months of radio silence.

Ironic because we just got one today saying they are working with a company who may buy into some, but not all, of the FQ investments.  I wonder if we ask for an update on this board, if we are more likely to get one, as it seems that's the only time I see it?
46
Has anyone received or seen any updates in re: to the FG properties?

Feels like it's been a few months of radio silence.
47
Family Finances / SLAT Trust - Risk/Reward
« Last post by Irish247 on January 31, 2021, 10:36:21 AM »
Has anyone used a SLAT trust before? I'm considering shifting some security holdings into a SLAT, and thinking of the pros and cons.

They are getting phased out in the next 5 years, but I'm thinking of locking up a couple of them for my wife and I. We would each gift each other a significant amount of stock and assets to ensure protection and to take advantage of the tax free limits.

from fidelity below:

A Spousal Lifetime Access Trust (SLAT) is one of many types of irrevocable trusts utilized for transferring wealth outside of an estate.
SLATs provide an opportunity to take advantage of the current federal exclusion before it sunsets, or expires, on December 31, 2025.
A properly structured SLAT provides the donor limited, indirect access to the trust assets.


I'm planning on opening a slat for my wife, and her to I. I would shift the assets to each of us in there, and then likely still have access if needed from the non-donor.  I also may use the SLAT to purchase additional life insurance just to keep in the wings, for some legacy planning.

Has anyone used this before, or is using it? Any downsides?
48
Despite expectations and logic, 2020 turned out to be a phenomenal year in terms of financial returns.  In fact, the entire decade was fairly good especially compared to the prior decade.

Like many of you, I achieved financial independence in large part through a frugal lifestyle and a firm grasp of math.  If I invest X amount over Y years, then I can retire by age Z.  In 2013, I thought I had enough to retire especially if I supplemented my income with a side hustle.  That side hustle was real estate investing which has produced amazing returns.

While I don't expect the good times to continue forever, I also want to enjoy some of these gains.  Once again, I've done the math.  At the current rate that I spend and projected years that I'll be alive (I'm close to 50), I just won't be able to spend it all.  Rather than leave it all to the kids or charity, I'd like to enjoy some of it.

It's really difficult for me to change my frugal mindset, so I'm looking for ideas to splurge and spend big.  I'm interested in how you currently splurge or plan to splurge down the road.  Personally, I don't care for fancy food or electronics.  I love to travel but I don't necessarily need luxury.  I'm always interested in unique travel experiences either in luxury or roughing it.

Tp get the ball rolling, I'll mention my one planned splurge for 2021 (hopefully).  I've ordered a 2021 Corvette C8 Hardtop Convertible.  If the dealer comes through, I'll get it late in 2021 for $80K + tax + docs.  I'll probably spend $100K once I'm done with the accessories.  This is a completely impractical purchase but what else am I going to do with the money?  it's not Ferrari or Aston Martin money.  It's completely impractical because:
1. I have nowhere to drive to.  I no longer commute anywhere.  I don't have any fancy places or events to attend.  This was true pre-Covid
2. The only place I went consistently pre-Covd was taking my two kids to school which I cannot do in this two seater.
3. I already own 3 cars; I don't plan on selling any.
4. For the number of days/miles I will drive, it would be far less costly to rent it on Turo. 

49
Current Events / Re: Artificial Intelligence.. Dangerous or useful?
« Last post by Ocko on January 28, 2021, 01:05:48 PM »
I see a future where an organic seed neuro network (OSNN) or essentially a slave AI is assigned at birth to every child with the directive of forming a symbiotic relationship, emulating in all regards the child’s consciousness, and growing with the child in depth and complexity through adolescence, adulthood and ultimately onto the death of the physical body.

There are many examples throughout science fiction literature of augmented human conscience with thinking machines. These examples range from Orson Scott Cards trans-species, computer-in-habiting, deus ex machina character of Jane. To the Brain Pal™ organic computers in the Old Man’s War series by John Scalzi.

I’d also like to point out the His Dark Materials trilogy by Philip Pullman. As these novels feature companion entities to humans that fall somewhere in between the near-omnipotence hyper-intelligences and simple calculators. These creatures, daemons, to use the author’s terminology, I feel, are as near to what we could expect from a modern-day implementation say in the next ten years of a OSNN like technology. The OSNNs would be an extension of the human consciences and would have a persona of their own, with the ability to act independently.

Which brings me to my next point, what happens if and when an OSNN crosses the singularity point and begins to act hostile toward humans? In fiction, it rarely bodes well for the humans when there are a bunch of murder machines on the loose. There is usually a bit of a power struggle before one of both of the sides end up as ionizing radiation, or they come to the realization that conflict is a waste of time and decide to walk off into the sunset, that is of course precluding anything crazy like exploding the sun…

To continue there are as before many instances of AI causing a ruckus to the denizens of fantasy. With no particular example in mind you are free to pick your favorite machine with a beef against humanity. I’ll list a few for your reference: HAL-9000, 2001: A Space Odyssey (1968), the WOPR a.k.a Joshua from WarGames (1983), Skynet, The Terminator (1984). GLaDOS, Portal (2007) and the Shrike from the Hyperion novels by Dan Simmons.

In fiction an evil AI in nothing more than a tool used by authors and story tellers to explore the darker nature of the human psyche. And what is explained in fiction as a struggle between good and evil will be woefully inadequate to explain the first true interaction between humans and AI.

OSNN or AI will be a tool at first, later an enemy then a friend and finally they will be indistinguishable from one human to the next. When we are faced with the decision on how we choose to handle AI, let’s try and walk down the middle of the road with AI as our as partners and friends. 
50
My Ameriprise Dec. statement has a balance of $515,000 and the fees are $626. This fee is the MONTHLY fee. This is a new account that I rolled from a 457 to this IRA account with Ameriprise. Fees are done on a monthly bases on the new balance. This seems extremely high. What are your opinions? Thanks
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